LAWS4112 Study Guide - Final Guide: Misfeasance, Floating Charge, Unfair Preference
Document Summary
Winding up: two stages, winding up (liquidating and distributing property) o de-registration, different types of winding up which depends on, solvent (pt5. 4a) or insolvent (pt 5. 4) o. Compulsory (pt 5. 4, pt 5. 4a) or voluntary (pt. 5. 5), (pt 5. 6 common to both): these t(cid:455)pes a(cid:396)e(cid:374)(cid:859)t (cid:373)utuall(cid:455) e(cid:454)(cid:272)lusi(cid:448)e, so i(cid:374)sol(cid:448)e(cid:374)t (cid:449)i(cid:374)di(cid:374)g up (cid:272)ould (cid:271)e (cid:448)ol. o(cid:396) i(cid:374)(cid:448)ol. Voluntary winding up: requires special resolution of members: s491, can be either members or creditors winding up o depends upon declaration of solvency: s494 o consequence is who appoints liquidator. Creditors meeting must be called within 11 days: s497. Creditors can appoint the liquidator: s499 or can keep members choice. If company turns out to be insolvent, liquidator must call creditors meeting, appoint liquidator or immediately apply for winding up: s496. Contained in ss459a and b o sole ground is insolvency, which is proven using assumptions: order for winding up is made under s459a.
